-74.22(-0.30%)

-5.10(-0.07%)

Asian Equities Mixed In Afternoon; Tech Stocks Under Pressure

Investing.com – Asian equities were mixed in afternoon trade on Monday, with Japan, South Korean, Hong Kong and Chinese equities extending losses while Australian equities trading in green. Meanwhile, technology stocks were under pressure.

Technology stocks remained in focus on Monday, after the U.S. imposed a ban on selling parts and software to Hong Kong-listed smartphone maker ZTE Corp (HK:0763) for seven years last week that soured sentiment toward China’s tech sector. Lenovo Group (HK:0992) Ltd slumped 2.66% to its lowest level since 2009.

On the other hand, geopolitical tensions related to North Korea may continue to ease. On Friday, North Korea’s ruler Kim Jong Un suggested he might be open to suspending nuclear tests. U.S. President Donald Trump said the North Korean nuclear crisis is far from over, but the regime's willingness to denuclearize is "great" for the world.

Despite the easing geopolitical strains, the South Korea Kospi was down 0.21% to 2471.24 at 1:09AM ET (05:09 GMT).

Hong Kong shares are coming off their fourth weekly loss in five weeks. The Hang Seng Index was down 0.34% to 30,317.

Chinese stocks were also coming off their worst week in a month. The Shanghai Composite was down 0.23% and the Shenzhen Component lost 0.78%.

Trade tensions between China and the US are still in focus. Investors are worried about the prospects for increased trade tension between China and the U.S. China’s commerce minister said the country opposes all forms of protectionism.

Japan’s Nikkei 225 slid 0.30%. This week will see a slew of economic data from Japan, including the PMI and retail sales data and the Bank of Japan’s latest policy decision on Friday.